Manchester Life will continue to manage and staff the 213-home rental property while using the money from the sale to support its third phase of development in Ancoats and New Islington.
PGIM Real Estate and Manchester Life declined to share the sale price.
The CallisonRTKL-designed Lampwick Quay is 50% let. Built by Sisk, Lampwick Quay offers both apartments and duplex homes. It only opened to residents on 1 September. Its completion marked the end of phase two for Manchester Life’s plans for the area.
Marty Edelman, Manchester Life’s executive chairman, expressed his enthusiasm for working with PGIM Real Estate, which has $195bn – nearly £143bn – in gross assets under management and administration. PGIM Real Estate is part of Prudential Financial.
“As we commence our third phase of development in the neighbourhood, having PGIM Real Estate, as a long-term real estate investor, commit to Lampwick Quay ensures stable and experienced ownership of the 213-home development,” Edelman said.
Squire Patton Boggs, Reside Manchester and KPMG advised Manchester Life on the deal.
The sale will support work on the third phase of Manchester Life’s plans for Ancoats and New Islington, which include the Ancoats Mobility Hub and Eliza Yard apartment block. Manchester City Council granted planning permission to both Eliza Yard and the mobility hub in July.
Manchester Life is a joint venture between Abu Dhabi United Group and Manchester City Council that was created in 2014. It acts as an investor, developer and landlord. Manchester has created 1,500 homes spread out across seven developments and two mill conversions.